Sterling’s flash crash shows we’re not yet out of the woods on Brexit, but the threat of a Trump presidency seems to be receding.

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What a difference a few months makes. Markets took a hammering right at the end of the 2016 financial year thanks to the Brits’ decision to leave the European Union – and took our portfolios down with them – but three months of mostly sober reflection have reassured investors that the world is not about to end.

Last week’s ‘flash crash’ – where sterling fell 6% against the US dollar in a matter of minutes – shows that the UK isn’t out of the woods yet, but markets are ...

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